The Pittsburgh, PA-based coatings manufacturer expects to close the transaction—first announced June 30—over the next several days, according to Charles E. Bunch, PPG chairman and CEO.

Approvals Complete

PPG said it had received approval from the National Foreign Investment Commission of Mexico in mid-October.

PPG President and CEO Charles E. Bunch says the deal will boost business in a region where the company has "negligible" reach.

“We are pleased to have received all the necessary government approvals for the Comex acquisition,” Bunch said in a statement.

“[…] We look forward to growing the region with Comex customers and employees.”

Closing the Deal

PPG plans to finance the transaction using cash on hand and debt. At the end of the third quarter of this year, PPG reported cash and short-term investments of $3 billion.

Comex, headquartered in Mexico City, manufactures and sells industrial, protective, specialty and architectural coatings throughout Latin America. The company has approximately 3,600 stores that are independently owned and operated by more than 700 concessionaires.

Comex reported sales of approximately $1 billion in 2013.

Founded in 1952, the privately held business operates eight manufacturing sites in Mexico and has about 3,900 employees.